Why Do I Need To Do The KYC?

What is KYC?

Electronic Know your Customer or KYC is utilized by Banks & Financial Organizations like Spenmo, to authenticate the identity of our customers and protect the Organization against fraud/corruption/money-laundering activities.

This is an important step in the onboarding process that cannot be skipped.

How do I complete the KYC?

To find out more about how to complete the KYC, follow our guide here.

What happens if KYC is not done?

1.  Cards transactions won't get through:

Before the KYC is approved, all card transactions made by unauthenticated users will not get through. This means that users will not be able to use their Spenmo wallet until they complete their KYC. This will affect spending across all cards (virtual + physical). 

Note: This limitation is specific to user wallets/card usage and does not apply to Bill Pay/Cash Reimbursement.

2. Error occurs when attempting to transfer funds between users:

Authenticated users who try to send funds to users who have not completed their KYC will not be able to do so. They will instead receive an error message stating "Send Money Failed".

Thus, to make full use of the Spenmo Cards feature, please complete your KYC. 

Please fill in this form for any additional assistance required.